It’s worth noting that Vancouver’s home sales fell by 27% year-over-year in July, which suggests that the recent tax implemented on foreign buyers might not be the primary catalyst in August’s drop, argued a Capital Economics team back in September.

And, on Monday, the Vancouver Sun reported that “Federal finance minister Bill Morneau “announced the changes Monday that would target foreign buyers and over-leveraged Canadians and appear designed to slow down a frenzied real estate market in Vancouver and Toronto.”

The Canadian dollar is down by 0.4% at 1.3175 against the US dollar as of 10:22 a.m. ET.